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Car Loans for 91-93??

Ether

Ether

Experienced Member
Joined
12 December 2001
Messages
608
I remember reading something a while ago about people being able to get a car loan for an older vehicle, such as an early year NSX. (Yea, I did a search and didn't find anything)
I got a friend looking to buy one (NSX), and he needs to find financing but doesn't know if there are companies that specialize in these types of loans for an exotic car older thats 11 years old...
Anyway, if any of you have any names of companies, or suggestions, I would greatly appreciate it.
 
Interesting... that wasn't my experience with PeopleFirst and I just gleaned this from their FAQ:

Q: Are there any restrictions to the type, year or make of the vehicle I can finance?

A: Any non-commercial passenger vehicle can be financed with PeopleFirst.com. Approval is not dependent upon the type, year or make of the vehicle.
 
Thanks guys....and thanks Forum Nazi, I didn't do the search like you said.

Anyone else have any companies they can recommend??

[This message has been edited by Syonara (edited 18 March 2003).]
 
I just went to my local Credit Union and they finance exotics for up to 72 months no matter what the age, using usual interest rates for cars. Couldn't have been easier.
 
after going through all the threads regarding loans i decided to use a home equity loan. just talked to the loan officer yesterday and he is giving me prime + 1. seems the easiest way to go, that way i'll have a blank check when i find the right car.... i won't have to secure financing for a 10 year old car.

i should have the checks within 2 weeks..... I CAN'T WAIT!!!!!
 
Thats a great idea. Two details to consider---if your current loan to value allows you to go up to 80% of home appraisal and still get the money you need, you should potentially consider straight refinance instead of equity line of credit.

If the amount you need puts you over 80% of home appraisal, a straight second may be preferable to Heloc(home equity line of credit).

Helocs have some benefits, but several drawbacks.
 
mojo said:
PeopleFirst will only finance a car that's 5 years old or less.

------------------
-mojo

'98 Kaiser Silver NSX
'97 Green Integra GSR
Click to expand...

Not true....I financed my 91 a few months back through peoplefirst at 1/2 the unsecured rate any other bank was offering for a vehicle over 5 years. Very professional, quick, and easy.
 
I just got mine from Navy Federal Credit Union, they've never seemed to mind what I bought. They carried the loan on my 94 RX7, which due to it's history I wouldn't expect anyone to carry on that vehicle..
 
huckster said:
Thats a great idea. Two details to consider---if your current loan to value allows you to go up to 80% of home appraisal and still get the money you need, you should potentially consider straight refinance instead of equity line of credit.

If the amount you need puts you over 80% of home appraisal, a straight second may be preferable to Heloc(home equity line of credit).

Helocs have some benefits, but several drawbacks.
Click to expand...

i'll only be using about 20k, but the loan officer talked me into get approved for 60k so that i could get the lower interest rate. i have a little over 100k in equity currently.

i don't see the advantage in refinancing. do u mean refinance with the cost of the nsx included into my mortgage? in my own mind that would bother me knowing it would take another 15 years to pay the car off.... i'm not sure if that made sense:confused:
 
hlweyl said:
i don't see the advantage in refinancing. do u mean refinance with the cost of the nsx included into my mortgage? in my own mind that would bother me knowing it would take another 15 years to pay the car off.... i'm not sure if that made sense:confused:
Click to expand...

I'm gonna guess he meant a cash-out re-fi. That way your only debt is the mortgage. This means the depreciating asset (NSX) is paid for, and the appreciating asset (home) is the only one financed. You also get the mortgage interest deduction, etc., etc.

Also the <=80% loan-to-value allows you to avoid PMI.

Kevin
 
Yup, thats exactly what I meant--cashout refi. If you think about it, the Heloc is doing the exact same thing the straight mortgage refi is doing--only youre doing it with a 'secured credit card'--a line of credit secured against your mortgage. Not necessarily a bad thing, but not as good as a straight refi. Even if youre exceeding 80% loan to value, a straight second may make as much sense as a heloc. If you are at 80% loan to value or less while getting the amount of cashout you want/need, a refi of your first is a good idea considering how low the current rates are.

IF the combination of your first and the amount you wish to borrow add up to more than 300k, then your best option may be to get a straight second or heloc.

IF the loan amount you desire exceeds 80% of your houses appraised value, then you may want to consider straight second or heloc to avoid mortgage insurance.

Regarding financing the nsx into the mortgage--you are doing that either way. The heloc is doing it on a shorter amortization than most mortgages, but either way youre paying for it. If you intend to pay back the amount you wish to borrow right now in a short period of time, you can still do that with a straight mortgage. So when you intended to pay the heloc back, pay that amount down on the mortgage. There is actually a big benefit to this, as the payment over the amount owed(monthly payment amount) is applied directly to the principal, not the interest. This in effect lowers your years of amortization down significantly. ie: a 30 yr mortgage, voluntarily paid by a 15yr amortization schedule, actually pays off in 12yrs, not 15.

Hope this novel length post helps.
 
PeopleFirst will do a 1991. They did mine. They are EXCELLENT and I highly recommend them.

A home equity loan or home equity line of credit is a great way to go if you can. Its tax deductible!
 
i got my Loan within a day.. after they pull my credit .. thru my Credit Union got Approved @ 5.9% on my 91.. Very happy with it..;) :D
 
I used PeopleFirst myself, and I thought they were great, regarding my 1991 NSX. The loan process was easy to do, very quick, and they have responsive customer support. I got my check the very next day, with a great rate to boot!
 
Btw, my rate through PeopleFirst was 4.69%, 60 months.
 
A lot of places wont loan out unless you make a certain amount of money in comparison to the cost of the car. Assuming my credit is average to a little above average, and my debt to income ratio is very low, the annual salary intake is my prime area of concern.

Like, my Credit Union says they usually dont grant someone more than 50% of their actual income on a used car.

I only made $34,000 last year but am looking to find an NSX somewhere in the range of $28K-$33K. Possibly even leasing a newer NSX with almost double the price tag.

Should I just forget it until I'm making $50K a year? :confused:
 
Teej said:
I only made $34,000 last year but am looking to find an NSX somewhere in the range of $28K-$33K. Possibly even leasing a newer NSX with almost double the price tag. Should I just forget it until I'm making $50K a year? :confused:
Click to expand...

Since you asked for opinions, I'll give you mine: It is financial insanity to buy any $30k car with an annual income of $34k.
 
Well, I financed a brand new 98 Integra GSR in 3/98, totalled it, financed another 99 GSR in 3/99 and it came out to like..$27K, I wasnt even making $28K a year. But then again, those were brand new cars and theres more flexibility.

Also, I dont own, I rent. I am single, no kids, rent hits a very extremely and lucky $475/month upstairs of a two family flat. Life is all relative is it not? Lets say I made $60K a year, owned a house, had a wife and 2 kids. I'm sure a house, a wife, and 2 kids can suck up that extra $25K a year......
 
Teej said:
Well, I financed a brand new 98 Integra GSR in 3/98, totalled it, financed another 99 GSR in 3/99 and it came out to like..$27K, I wasnt even making $28K a year. But then again, those were brand new cars and theres more flexibility.

Also, I dont own, I rent. I am single, no kids, rent hits a very extremely and lucky $475/month upstairs of a two family flat. Life is all relative is it not? Lets say I made $60K a year, owned a house, had a wife and 2 kids. I'm sure a house, a wife, and 2 kids can suck up that extra $25K a year......
Click to expand...

Teej:
But your missing the point of the bank's concerns. If you had a family and a house, the only relevant figure in the bank's eyes is that you already established equity in a home and that is good enough collateral for them (given that you ar current on monthly payments). Of course your salary has a factor in it. You'll be surprised what you can get after your first home. I remember when I was 27 and bought my first condo in DC and then after that, banks were open arms in loans (if and when I needed the $$).

I would second Lud's advice, it's crazy to buy an NSX especially if you only make $34k/year. Especially an older NSX, due to the maintenance that may be needed. Are you willing to drop around $1200 for a timing belt and water pump change? Or $4000-6000 for a new/rebuilt transmission? or $1800 for a new clutch? several more C notes on window regulators... and the list can go on and on... just read the forums on technical/troubleshooting help)
Nonetheless, have you checked your insurance rates on an NSX?

But again it's your life and we are just spectators.....
Good luck what ever you do!

My $.01
 
Thanks Lud and Biaggi,

I have been a member here since Aug 2000 even though I dont have an NSX. I am fully aware of what costs may lay ahead of me and If I could lease a newer NSX, I probably would. The first thing I look for when searching for an older NSX is to make sure its had its clutch, timing belt, and water pump service done. Window regulars, and all the little things that seem to get overlooked as well.

I am 27 right now, not in the market for a home or condo for that matter. Kinda sucks to think that I may have to have one in order to get other things. I'm sure theres hundreds of NSX owners out there that like myself, am willing to live out of my NSX if I had to, just to have the car that I have been lusting after for 9 years and running.

I dont look at either one of your viewpoints as negative and I hope it isnt coming across that way. I'm sure there are lenders out there that will lend me a hand even though I dont own any companies or make over $60K a year. In a way, just trying to see what kind of a financial crowd I am in when looking for financing on an older vehicle.

Some people on this forum can walk into a dealership and hand them cash for a 2003 NSX, others may have had to sign their life away to drive an NSX. I don't have a problem with either type of person, however, I am looking for the 2nd of the two right now for sources and stories on how they got their loans.

In regards to income vs debt, I believe the saying is that you should never spend more than 10% of your income on a vehicle. But realistically, what percentage of people spend 10% of income on their vehicle? Also, one of my best friends here in town only makes about $43K a year, rents his dwelling, and was approved through his financial institution for up to $40K, he purchased a 2002 Lexus IS300 for $32K out the door. His family has been with the same credit union for years and years though.
 
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